Almost certain likelihood of extraordinary government support due to the critical importance of CDB's policy role and the bank's integral link with the government. Good business position supported by a stable customer base and a multi-pillar investment development strategy. Concentration of credit exposure to the corporate sector. Significant off-balance sheet commitments. Rapid shift in asset mix toward risky assets. The stable outlook on China Development Bank (CDB) for the next two years reflects the outlook on the sovereign credit rating on China (A+/Stable/A-1). Given the bank's integral link and critical role to the government, future rating transitions will continue to be in tandem with the sovereign. We could lower the rating on CDB if the sovereign's willingness to support the
